TechTrendsKE Features Myriad Connect speaking about the opportunity for Open Banking in East Africa

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2019.03.14

““As East Africa prepares to embrace Open Banking, this is an opportune time for banks and financial services providers to work together to approach regulators to put in place mutually beneficial regulations across the ecosystem. It is also important to consider uniform standards for APIs, security and authentication ahead of mainstream adoption of Open Banking.”

Security and authentication are essential components of Open Banking, Myriad Connect notes – both to ensure every digital transaction is properly authenticated to prevent and detect fraud, but also critically, to provide express consent for consumers’ data to be shared in the ecosystem.

Putting standards in place for API formats is also important as it allows Open Banking to deliver on its potential, offering simple integration and development.

“With significant potential for innovation and development in financial services through the advent of Open Banking, East African stakeholders need to move quickly to pave the way for an environment that is properly governed, beneficial for all, and secure and convenient for consumers,” says Willie.”